Mpho cannot understand why the balance of her bank account in the general ledger does not balance to the monthly bank statement that she receives from the bank. Required: Give Mpho three (3) reasons why a difference may occur between the balance of her bank account in the general ledger and the balance on the monthly bank statement. For each reason briefly explain, in your own words, why the difference arises. Provide one example of each reason.
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- Suppose that Lena, who has an account at SunTrust Bank, writes a check for $140 to Jose, who has an account at National City Bank. Use following the T-account for SunTrust Bank to show how it is affected after the check clears. Assets LiabilitiesThe bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the aboveJanet works in the credit department handling accounts receivable transactions. At the end of each period, the allowance for uncollectible accounts has a larger and larger debit balance. What may be going wrong here? What possible corrections should be made?
- Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter? Keeping this situation in mind, comment on the following: Will she get the cash? If no, justify? Would your answer be the same, if the cheque was bearer? DiscussA friend owns a business that extends credit to its customers. The friend has asked you to helps with estimating uncollectible accounts and wants you to make a recommendation. Specifically, your friend is asking: Which of the two methods of estimating uncollectible provides for the most accurate estimate of the current net realizable value of the receivables?Peter uses a savings account with a bank. The contract between Peter and the bank is one of: D. Mutuum B. Commodatum C. Deposit A. Agency
- Suppose Mr. Ahmad and Mr. Akram are the current and saving account holders in an Islamic bank, respectively. Mr. Ahmad andMr. Akram have made payments to their vendors against credit sale through checks and they also made a gratuitous payment totheir relatives through checks separately. Please answer following considering scenario:II. Explain whether the transactions made by Mr. Ahmad and Mr. Akram are based on Hawalah. Please also specify theform of Hawalah in each situation, if any.Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter. Keeping this situation in mind, comment on the following: Will she get the cash? If no, justifyWould your answer be the same, if the cheque was bearer.Use legal basis in answering M signed a blank check and put it in his office table. B stole it and filled up the amount and wrote his name as payee. B, negotiated the check to C who paid value therefor in good faith. C, presents it for payment to the drawee bank, but the bank refused to pay due to the stop payment order previously given by A. Can C, collect from M the amount of the check? Can C run after B?
- Direction: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…Natalie decides that she cannot afford to hire John to do her accounting. One way thatshe can ensure that her cash account does not have any errors and is accurate and upto-date is to prepare a bank reconciliation at the end of each month.Natalie would like you to help her. She asks you to prepare a bank reconciliation forJune 2020 using the following information.Which of the following pieces of information would you not expect a potential credit customer to provide in a credit application form? A.The name of their spouse and their spouse's personal bank account details B.the name of their bank C.a list of other debts D.a list of assets